Author Archive for Business

A unique opportunity to acquire a prestigious Sri Lankan asset

Wednesday, October 11th, 2023

by Gulf News Looking to enter Sri Lanka’s resurgent tourism sector? Hilton Colombo is a perfect choice On the back of falling inflation rate and rising tourism revenue, the World Bank has revised its forecast for the Sri Lankan economy. It is now expected to expand by 1.7 per cent in 2024, up from an […]

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Mega World: Colombo Port City

Friday, October 6th, 2023

Courtesy CGTN Faced with internal conflicts and economic crises, Sri Lanka has been seeking development opportunities. Colombo Port City represents an expansion of the commercial capital. A key project under China’s Belt and Road Initiative, the development is intended to become a global tourism and investment hub. Situated at the crossroads of the Asia-Pacific and […]

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SriLankan Airlines explains recent grounding of several aircraft

Friday, September 29th, 2023

Courtesy Adaderana SriLankan Airlines has apologised for the extensive cancellation of flights recently, attributing the matter to technical faults. Issuing a statement in this regard, the national carrier explained that a number of technical faults resulted in the temporary grounding of several aircraft, as part of the routine procedures followed during aircraft maintenance. Aircraft maintenance […]

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Sri Lanka central bank likely to cut rates again as inflation eases

Tuesday, August 22nd, 2023

Courtesy Business Recorder COLOMBO: Sri Lanka’s central bank is expected to further loosen monetary policy on Thursday, albeit by a smaller degree than previously, as it looks to use the rapid decline in inflation as an opportunity to foster growth and put the economy firmly on a path of recovery. The median estimate in a […]

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Sri Lanka, Kenya in talks to enhance bilateral trade and cooperation

Saturday, August 19th, 2023

Courtesy Adaderana In a significant stride towards enhancing bilateral relations, the High Commissioner of Sri Lanka to Kenya Kananathan and the Prime Cabinet Secretary of Kenya, Musalia Mudavadi held a successful meeting aimed to advance mutual interests in trade, investments and collaboration across various sectors. The discussions underscored the commitment of both nations to foster […]

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Sri Lanka to relax import restrictions on vehicles used for public transport

Sunday, August 13th, 2023

Courtesy Adaderana State Finance Minister Ranjith Siyambalapitiya says that a Gazette notification is expected to be issued this week relaxing restrictions on import of lorries, trucks and buses used for public transport. However, regarding the import of other vehicles, financial analysts say that the import of other vehicles will be further delayed considering the existing […]

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Colombo Tea Auction sees improved demand for better teas after Iran barter agreement

Saturday, August 12th, 2023

Courtesy The Daily Mirror Following improved activity from the shippers to Iran following the ‘Tea for Oil’ agreement, this week’s Colombo Tea Auction saw increased demand for the better teas in the High and Mid Grown sector and Low Grown Small Leaf/Tippy teas. However, the total auction offerings were marginally lower and totalled 5.9 million […]

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Sri Lanka embassy in Moscow initiates direct employment opportunities in Russia for locals

Saturday, August 12th, 2023

Courtesy The Daily Mirror The Embassy of Sri Lanka in Moscow has initiated direct employment opportunities for Sri Lankan skilled migrant workers in the Russian Federation, in collaboration with the Sri Lanka Foreign Employment Agency (SLFEA), a fully-owned state organisation in Sri Lanka.  The Embassy of Sri Lankan in Moscow said in an announcement that […]

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SriLankan Airlines Wants Emirates, Air India to Buy them After First Profit in 15 Years

Friday, August 11th, 2023

 BY SHWETA SHUKLA Courtesy Aviation A2Z Emirates, which formerly held a 40 percent stake in SriLankan Airlines, might consider responding to the Sri Lankan government’s intention to privatize the airline. Photo: By Oliver Holzbauer, CC BY-SA 2.0, https://commons.wikimedia.org/w/index.php?curid=53168656 166 SHARES WhatsappShare on FacebookShare on Twitter COLOMBO- According to CEO Richard Nuttall, SriLankan Airlines (UL), poised for privatization […]

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How is India helping Sri Lanka with its Unique Digital Identity project?

Saturday, August 5th, 2023

Courtesy The Financial Express The core objective of the Sri Lanka Unique Digital Identity Project (SL-UDI) is to gather biographic and biometric information, such as facial, iris, and fingerprint data. India has extended crucial financial support to Sri Lanka’s unique digital identity project with an advance payment of INR 450 million. The project is a […]

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CBSL urges banks to ‘adequately’ reduce lending rates without delay

Saturday, July 22nd, 2023

Courtesy Adaderana Governor of the Central Bank of Sri Lanka (CBSL) has urged licensed commercial banks to take immediate measures to adequately reduce lending rates in view of the recent reduction of policy interest rates. Dr. Nandalal Weerasinghe, in a letter directed to the Sri Lanka Banks’ Association (SLBA) chairman, said the Central Bank would […]

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Import restrictions on 328 more items to be relaxed tonight

Thursday, July 20th, 2023

Courtesy Adaderana Restrictions imposed on imported goods will be further relaxed later today (July 20), State Minister of Finance Ranjith Siyambalapitiya says. Thereby, import restrictions on 328 more items will be eased. The lawmaker said the gazette notification announcing the import restriction relaxation would be published tonight. The announcement comes a month after the government […]

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India says Sri Lanka has already notified that INR is designated foreign currency in system

Thursday, July 20th, 2023

Courtesy Adaderana The Spokesman for India’s Ministry of External Affairs, Arindam Bagchi, has revealed India’s willingness to further expand financial economic relations between Sri Lanka and India. Speaking on President Ranil Wickremesinghe’s visit to India, Bagchi said We would like to steepen this financial economic connection, but I think it’ll be premature for me to […]

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European Commission suggests 4-year extension to GSP+ scheme

Wednesday, July 19th, 2023

Courtesy Adaderana The European Commission has suggested that the current GSP+ (Generalised Scheme of Preferences Plus) scheme be extended by 04 years, amidst the ongoing negotiations for the EU’s new GSP+ arrangement. Taking to Twitter, the Delegation of European Union (EU) to Sri Lanka has mentioned that as one of Sri Lanka’s largest trading partners […]

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Indo-Lanka oil pipeline: Govt. to appoint committee to study proposal

Saturday, July 15th, 2023

By Asiri Fernando Courtesy The Morning The Government will appoint a committee to evaluate the proposal submitted by the Indian Oil Corporation (IOC) for an oil distribution pipeline connecting Nagapattinam, Tamil Nadu to Trincomalee and Colombo, the Ministry of Power and Energy said yesterday (15). The proposal comes days before President Ranil Wickremesinghe is to […]

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Sri Lanka Not Averse To Using Indian Rupee As Common Currency: President

Saturday, July 15th, 2023

Courtesy NDTV Sri Lankan President Ranil Wickremesinghe, also the Sri Lanka’s finance minister, made this remark while addressing the Indian CEO Forum this week. Sri Lanka would want to see the Indian Rupee used as much as the US dollar, President Ranil Wickremesinghe has said, days ahead of his first official visit to New Delhi. […]

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Colombo Stock Exchange’s All Share Price Index crosses 10,500-point mark

Friday, July 14th, 2023

Courtesy Adaderana The All Share Price Index (ASPI) of the Colombo Stock Exchange (CSE) crossed the 10,500-point mark at the end of trading today (14 July). Accordingly, the ASPI gained 103.50 points today, closing at 10,595.02 points. Meanwhile, the day’s turnover was recorded at Rs. 2.70 billion, while the S&P SL20 went up by 60.88 […]

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Sri Lanka to revive scrapped Japan-funded LRT project

Wednesday, July 5th, 2023

Courtesy Adaderana

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Air China Eyes Multiple International Route Resumptions From Chengdu

Tuesday, July 4th, 2023

BY SU WU  Courtesy Simple Flying As the summer travel peak approaches, Air China and other Chengdu-based airlines are increasing domestic and international flights to seize the market According to Air China, its Southwest Branch, which is based in Chengdu, a hub city in Southwestern China, will launch, resume, and put extra flights from Chengdu to […]

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MoU to be signed for direct flights between Sri Lanka and Israel

Sunday, July 2nd, 2023

Courtesy Adaderana The Civil Aviation Authority of Israel has confirmed that a Memorandum of Understanding (MoU) will be signed by the relevant authorities of Israel and Sri Lanka in order to commence the air service of providing direct passenger flights from Tel Aviv in Israel to Katunayake. During a discussion held in this regard, Minister […]

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“Seychellois love coming to Sri Lanka”: Air Seychelles starts twice-weekly flights to Colombo

Saturday, July 1st, 2023

Courtesy Seychellesnewsagency The airline’s inaugural flight on its Airbus A320 landed at Bandaranaike International with 110 passengers onboard. (Air Seychelles) Seychelles’ national carrier, Air Seychelles, started operating twice weekly flights to Colombo after it made its inaugural flight on Tuesday, June 20th.  The airline operates the twice-weekly flights from Seychelles to Colombo on Tuesdays and Saturdays […]

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Fifth round of Sri Lanka-Thailand FTA talks begin

Monday, June 26th, 2023

Courtesy Adaderana The 5th Round of Sri Lanka-Thailand Free Trade Agreement (SLTFTA) negotiations commenced in Colombo this morning (26), aligning with President Ranil Wickremesinghe’s vision of strengthening economic ties with major and emerging economies, with a particular focus on ASEAN countries, the PMD reported. Mr. K.J. Weerasinghe, the Chief Negotiator, International Trade Office (Leader of […]

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Sri Lanka eyes free trade pact with Thailand by March 2024 as growth in focus

Wednesday, June 7th, 2023

Courtesy Borneo Bulletin CNA – Sri Lanka and Thailand could sign a free trade agreement (FTA) by March 2024, a top official of the Indian Ocean nation told media yesterday, as it attempts to rebuild its crisis-stricken economy. The two nations restarted deal negotiations in January, months after a severe financial crisis engulfed Sri Lanka, […]

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Fixed range for fuel price as Sinopec enters

Tuesday, June 6th, 2023

Courtesy The Daily Mirror The government will introduce a floor and ceiling price for fuel with the launch of business operations by Sinopec, a leading international petroleum company, in the country shortly, a top source said. Sinopec has already signed the agreement to distribute fuel in Sri Lanka. Sinopec will be allocated 150-dealer operated fuel […]

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Exploring the untapped clay industry

Thursday, June 1st, 2023

By Shailendree Wickrama Adittiya Courtesy The Morning Clay is a material many of us are familiar with, whether we come across it in the form of cookware, as a medium of art, or in construction. However, the industry remains largely untapped, with its potential going unnoticed and uses being limited for years. Shedding light on […]

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President apologizes to Japanese Government over the termination of LRT project

Saturday, May 27th, 2023

Courtesy NewsIn.Asia May 26 (AdaDerana) – President Ranil Wickremesinghe expressed his regret to the Japanese Government for the suspension of the Colombo Light Rail Transit (LRT) project, which was being implemented with Japanese support. During the official meeting in Tokyo this morning (25) between President Ranil Wickremesinghe and Japanese Prime Minister Fumio Kishida, the President […]

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BOI gets green light for pilot project to cultivate cannabis

Friday, May 26th, 2023

Courtesy The Daily Mirror The Board of Investment of Sri Lanka has received the approval from an expert committee to embark on a pilot project to cultivate cannabis within a BOI zone. This was revealed by Investment Promotion State Minister Dilum Amunugama during a media briefing at the BOI headquarters. The pilot project is to […]

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Russia-proposed nuclear power plant, the ball is in SL’s court – Russian ambassador

Thursday, May 25th, 2023

Courtesy The Daily Mirror Russian Ambassador Levan Dzhagaryan takes questions from Daily Mirror in an interview on bilateral ties and the current position of his country on the war with Ukraine. He spells out the importance of nuclear energy cooperation with Sri Lanka. Excerpts:  QThere are reports about the energy sector cooperation between Russia and […]

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China’s Sinopec signs contract agreements to enter fuel retail market in Sri Lanka

Monday, May 22nd, 2023

Courtesy Adaderana In a significant move to address Sri Lanka’s fuel supply challenges, a contract agreement was signed with Sinopec, a leading international petroleum company. The agreement, signed today (22), marks a crucial step in ensuring a steady and uninterrupted fuel supply for the nation, the President’s Media Division (PMD) said. The signing ceremony took […]

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Agreement allows Sinopec to invest in 50 new fuel stations – Energy Minister

Monday, May 22nd, 2023

Courtesy Adaderana Minister of Power and Energy Kanchana Wijesekara says that according to the agreement signed between Sinopec and the Ministry of Power and Energy, the state-owned Chinese company will be granted a 20-year license to operate 150 fuel stations currently operated by the Ceylon Petroleum Corporation (CPC). In a tweet, the minister said that […]

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